Topps shareholders voted this afternoon to approve the merger agreement with Michael Eisner-led Tornante Company and private equity firm Madison Dearborn Partners. But it may not be a done deal.
The nation’s oldest sports card manufacturer, the Topps Company, will soon be in the hands of Michael Eisner and a group of business partners.
Shareholders approved a $385 million merger agreement with the new group on Wednesday afternoon. The deal ends a months-long battle over the company’s future.
Under the terms of the agreement, Topps stockholders will receive $9.75 per share in cash. The transaction will close promptly after the satisfaction of certain remaining conditions, which is anticipated to occur in October.
Arthur T. Shorin, Chairman and Chief Executive Officer of Topps, said, “Working with Tornante and MDP will be a great opportunity for Topps. They are experienced investors who understand the creative aspects of our business and are committed to our continued growth. We would like to thank our stockholders for voting for this transaction. The overwhelming support we received from our largest stockholders was deeply gratifying. In addition, we would like to express our gratitude to Topps’ employees, whose hard work has enabled all Topps stockholders to realize enhanced value.”
“I look forward to working with my new associates at Topps to find new and exciting ways to grow the Company,” Eisner said. “Topps is a wonderful company with a portfolio of strong brands in the trading card and confectionery businesses.”
Michael P. Cole, a managing director for MDP, said, “Michael Eisner is an exceptional media and entertainment executive. We are excited to partner with Michael and his team at Tornante to build upon Topps’ rich history of success.”
All submitted proxy cards and ballots were turned over to IVS Associates, Inc., the independent inspector of the meeting, for final tabulation and certification. The results are subject to the customary review and challenge period. Final results will be released after the votes have been tabulated and certified, which the Company expects to occur within five to ten business days. Topps will publicly announce the final results once they are made available to the Company.
However, the shareholders who opposed the deal say they’re not done fighting.